LOS ANGELES, May 6, 2020 /PRNewswire/ -- BURST Oral Care, a leader in DTC oral-care announces it has closed a Series C funding round led by Goldman Sachs' Growth Equity Platform, GS Growth.
The investment follows a total of $20 million of funding from Volition Capital and a small group of Angel Investors. The new funding from Goldman Sachs will support BURST's ongoing rapid growth, including the extension of the brand's product line as well as exploring new distribution channels and go-to-market strategies.
BURST was co-founded in 2017 by Hamish Khayat and Brittany Stewart who were motivated to bring an affordable, but high quality, electric toothbrush to market. This led to heavy investment in product development as well as significant thought around developing a promotional strategy through a direct partnership with the dental community. Community building proved to be extremely powerful and allowed BURST to gain widespread recognition very quickly. The Company's go-to-market strategy continues to be propelled by its ambassador community of hygienists and dentists who support the brush, which is clinically proven, and are helping to power new product development.
BURST is among the fastest growing eCommerce companies in the US, recording a nearly 100% and 2500% increase in sales in 2019 and 2018, respectively. Growth has been driven by new product sales, high product attach rates, and best-in-class customer retention.
Alison Berardo, Vice President, Goldman Sachs Growth Equity, comments: "We are excited to back Brittany, Hamish, and the rest of the BURST team as they harness the power of the dental community to build a next-generation oral care business. BURST has a clear vision and brand ethos and we believe they have meaningful runway ahead with regard to both their product suite and go-to-market strategy."
Brittany Stewart, Co-Founder and President of BURST Oral Care, comments: "I look forward to working with a brand as historical as Goldman Sachs. It is gratifying that investors value our success, believe in our vision, and have decided to invest in the future of BURST.
"We've amassed hundreds of thousands of subscribers in less than three years, proven our ability to develop products in partnership with the dental community, and received over 25,000 5-star reviews. BURST not only proves the appetite for high-quality dental products at an accessible price, but also the ability to build and empower communities.
"We're growing rapidly and this latest funding round will support the development of new products, investment in technology, and continued market penetration."
Hillel Moerman, Managing Director, Goldman Sachs Growth Equity, comments: "As a category, personal care has been a segment of consumer goods we have spent a lot of time thinking through given the large addressable market, recurring nature of the purchases, and higher than average customer loyalty and we feel BURST has benefited from and will continue to benefit from these market characteristics."
Hamish Khayat, Co-Founder and CEO of BURST Oral Care, comments: "We are dedicated to reimagining oral care and I take great pride in seeing investors believe in what we are trying to achieve. Our commitment to ensuring that affordable, high-quality products are available to as many people as possible has allowed us to build a loyal customer base and attract an excited and empowered ambassador hygienist network.
"I'd like to welcome Allison and Hillel to the board, their experience will be an asset as we continue to build the business."
About BURST Oral Care
BURST launched in 2017 and quickly became one of the fastest growing eCommerce companies in the US. A trailblazing subscription oral care company, BURST developed its premier sonic toothbrush in collaboration with a community of dental professionals. Determined to shake up a sector that has felt tired and dominated by large corporations for too long, its goal has always been to bring the finest oral care to everyone at a price that's fair, and to have fun while doing it.
For more information, visit www.burstoralcare.com.
About Goldman Sachs Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm's long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate.
For more information, visit www.goldmansachs.com.
SOURCE BURST Oral Care